The Australian stock market has shed $100 billion to start the new week amid coronavirus fears.
The ASX opened 7.12 per cent down but bounced back slightly to 5 per cent down by 11:25am (AEDT).
Travel-related companies were sharply lower following the announcement of forced self-isolation for all people entering Australia from overseas.
A handful of stocks are in positive territory, including supermarket giants Coles and Woolworths, which have faced a surge in demand as the coronavirus outbreak escalates, prompting Woolworths to introduce a priority shopping hour for concession card holders.
The market fall came after the US Federal Reserve slashed interest rates by a full percentage point in a bid to help the economy withstand the impact of the coronavirus pandemic.
The move puts the benchmark US interest rate in a range of 0 to 0.25 per cent, effectively lowering it to zero.
The Australian dollar fell to 62.47 US cents after the announcement, which was the second emergency rate cut this month.
Read more here: https://www.abc.net.au/news/2020-03-16/coronavirus-update-covid-19-death-toll-jumps-italy/12058332
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